ATLANTA (AP) — Newell Rubbermaid's net income climbed 27 percent in its fourth quarter, bolstered by strong growth in emerging markets.
The consumer products company, known for Sharpie pens and its namesake containers, beat Wall Street's earnings expectations.
Newell Rubbermaid Inc. announced in October that it was restructuring its business under two groups, a development organization and a delivery organization. The company also said that it planned to cut more than 1,900 jobs, or about 10 percent of its worldwide workforce, over the next two and a half years. It said that savings from the job cuts would be reinvested into growing its brands globally and adding new sales capabilities in emerging markets.
For the three months ended Dec. 31, Newell Rubbermaid earned $101.9 million, or 35 cents per share. That's up from $80.4 million, or 27 cents per share, a year earlier.
Stripping out restructuring costs and other items, earnings were 43 cents per share. Analysts forecast earnings of 42 cents per share, according to a FactSet survey.
Newell Rubbermaid said that its performance was helped by a lower interest expense and lower tax rate.
Revenue rose 1 percent to $1.52 billion from $1.5 billion. That matched Wall Street's expectations.
Newell Rubbermaid said Friday that its sales are strengthening in emerging markets, particularly in Latin America. The company also reported better sales for its tools, baby and parenting and writing segments.
Full-year net income jumped to $401.3 million, or $1.37 per share, from $125.2 million, or 42 cents per share, in the prior year. Annual revenue increased 1 percent to $5.9 billion from $5.86 billion.
For 2013, the Atlanta company anticipates adjusted earnings in a range of $1.78 to $1.84 per share. Revenue is expected to rise 1 percent to 3 percent. Based on 2012's $5.9 billion, this implies $5.96 billion to $6.08 billion.
Analysts predict earnings of $1.82 per share on revenue of $6.06 billion.